Banque BEMO reported a 15.40% annual increase in net income to $10.32M. This increase was primarily due to a $2.72M write-back of provisions and an 11.77% y-o-y decrease in administrative expenses to $7.01M. The bank’s net financial revenues displayed a slight 1.82% drop to $28.80M on the back of a 2.44% yearly decline in net interest income to $18.11M by end-September, 2015.
Regarding the balance sheet on the liabilities side, customers’ deposits at amortized cost increased by 9.62% y-t-d to attain $1.29B, thereby leading the 8.57% increase in total footings over the same period to $1.60B. Meanwhile, net loans and advances to customers gained 8.01% since the start of 2015 to $693.79M.
Shareholders’ equity experienced an upturn of 3.26% over the first three quarters of 2015 to a value of $131.47M.
Banque BEMO’s Financial Results ($M)
| Sept 30, 2015 | Dec 31, 2014 | % change | |
| Customers Deposits | 1,288.56 | 1,175.46 | 9.62% |
| Loans and Facilities to Customers | 693.79 | 642.33 | 8.01% |
| Total Assets | 1,602.17 | 1,475.67 | 8.57% |
| Shareholders’ Equity | 131.47 | 127.32 | 3.26% |
| Net Profit | 10.32 | 8.95* | 15.40% |
| * September 2014 |
Source: BEMO Bank